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Monthly Archives: May 2019

Oando challenges SEC’s ruling on outcome of forensic audit



 Oando Plc has challenged a ruling by the Securities and Exchange Commission sacking it’s CEO, Wale Tinubu and other directors over capital market infractions.

The company is a a statement issued late on Friday said it was not given a fair hearing in the matter.

Below is the full statement:

Our attention has been drawn to a press release published by the Securities and Exchange Commission (SEC) on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC”.

In the statement, the Commission confirms the conclusion of its investigations and that the findings from the report reveal serious infractions by the Company and as part of measures to address these violations, the Commission has directed penalties as follows:
Our attention has been drawn to apress release  published by the Securities and Exchange Commission (SEC) on Friday, May 31, 2019 “Press Release on “Investigation of Oando PLC”.


  1. Resignation of the affected Board members of Oando Plc,
  2. The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
  3. Payment of monetary penalties by the company and affected individuals and directors,
  4. Refund of improperly disbursed remuneration by the affected Board members to the company,
  5. Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.

Oando is of the view that these alleged infractions and penalties are unsubstantiated, ultra vires, invalid and calculated to prejudice the business of the Company.

The Company has not been given the opportunity to see, review and respond to the forensic audit reportand so is unable to ascertain what findings (if any) were made in relation to the alleged infractions and defend itself accordingly before the SEC.

The Company reserves its rights to take all legal steps to protect its business and assets whilst remaining committed to act in the best interests of all its shareholders.

Gov. Makinde cancels appointment of new Oyo Perm Secs

Gov. Seyi Makinde of Oyo state, has reversed the appointment of 15 new permanent secretaries made by the immediate past Gov. Abiola Ajimobi.

Makinde, who gave the directives at a meeting he had with all permanent secretaries in the state on Friday, asked the concerned  officials to return to their former positions.

He also promised to scrutinise all appointments made and contracts awarded after the election by the former ruling party (APC) in the state.

He described the appointments made and contracts awarded by the last administration after the declaration of PDP as winner of the governorship election as landmines set up for him.

Prince Dotun Oyelade, the spokesperson of the Seyi Makinde Campaign Organisation, confirmed the reversal of the appointments.

According to Oyelade, Gov. Makinde will be very consistent with all his campaign promises and this is not an exception.

”The governor has said that all transactions either contractually or in terms of appointments and promotions that were done
from March 11 to May 28 would be given closer scrutiny,”  he said.

The spokesman alleged that the brazen attitude that borders on attempt to block the success of the current administration led to decision and action of the governor.

”The governor decided to reverse many of the policies and actions of the Abiola Ajimobi administration made at the eve of his exit because they were borne out of malice.” Oyelade stated.

Lagos Customs intercepts 1,582 parcels of cannabis disguised as Indomie noodles

The Nigeria Customs Service, Seme Border Area 9, says it has intercepted 20 sacks of 1,582 parcels of Cannabis Sativa (Indian Hemp) worth over N30 million, smuggled into the country through the border.

ASC Nuruddeen Saidu, the Customs Public Relations Officer, Seme Area Command, disclosed this in a statement on Friday in Lagos.

The statement disclosed that the Customs Area Controller of the Command, Comptroller Mohammed Garba, confirmed that the items were concealed in a Mitsubishi Canter truck branded in Indomie noddles insignia.

Garba said that the vehicle was believed to be coming from Ghana.

He said that gallant Seme officers of his command seized the items through intelligence and arrested one suspect accordingly.

Garba said that the arrest was made around Mowo-Elijah axis by Patrol Team ‘A’ led by CSC Abubakar Dakingari, supported by SC Hamisu,, ASC I Umar Danbuzu, among others.

The Comptroller reiterated that the command would not relent on its efforts against illegal trade activities and other trans-border crimes

OAU students flee hostels over cultists’ threat to attack campus Saturday

Following the threat allegedly issued by a cult group to attack the Obafemi Awolowo University, Ile-Ife tomorrow, June 1, many panic-stricken students have fled their hostels on campus to safer places.

Though the management of the University and it’s alumni have reportedly allayed the fear of the students and parents, some parents have started calling their wards to come back home while others have left the campus hostels to stay with their mates staying off-campus.

When our correspondent visited the campus on Friday, some students were seen with small bags as they were exiting the campus.

As at noon today, some hefty and fierce-looking security agents were sighted at the main gates and other strategic locations on campus.

Some students, who spoke with our correspondent on the conditions of anonymity, attributed the fleeing to fear and the viral nature of the threat.

“Some of us who are staying on campus this weekend are just risking their lives. Though some are saying the threat to attack us is empty, I don’t want to take any chances. It’s better I return home and spend my weekend with my parents since they stay close. Even, if I plan to remain here (campus), my parents would not allow it,” a student who was on her way out of the campus told The Point.

However, a male student, Bamidele Sowunmi, said he would not leave the campus, as the threat should be taken with a pinch of salt.

“No cultist dares enter here to attack us again. It happened in the past and we have vowed it will never repeat itself again. More so, the management has assured us of water tight security. Those who are running away are female students and you know that they always panic over everything,” he said.

The Point gathered that a certain cult group identified as “Cultists of Aloha clan” had threatened to invade the university campus on June 1 and “rain bullets of death, sorrow and grief on innocent students.”

It was gathered that the cult group is on vengeance mission, following the alleged arrest and punishment meted out to its members by the management.

The cultists also accused the school’s Man O War team of joining the school security in dealing with its members recently.

One of them simply identified as “OJU”, had authored and issued the threat on his twitter handle, which later went viral.

Responding to the open letter that went viral on social media, the school management, through its Public Relations Officer, Mr. Abiodun Olanrewaju assured students and parents of adequate security.

“This is to inform the general public that the Management of the Obafemi Awolowo University, Ile – Ife, is aware of an open letter, trending online, purportedly issued by a pseudonymous “Cultists of Aloha clan” threatening to invade our University campus on ” June 1 to rain bullets of death, sorrow and grief on innocent students”.

“Ordinarily, it is not ideal for the University to respond to such an open letter, detailing what the management is doing to nip the said attack in the bud, considering the implication of such action security wise; but we consider it expedient to inform the stakeholders in the education sector, particularly our students, their parents and, or guardians, alumni and those who place high premium on lives and sanctity of human existence that the university management is on top of the situation, having informed the agencies of government saddled with the responsibility of securing lives and property, in addition to the internal security mechanism that have been put in place.

“We hereby assure all parents and, or guardians that the security of their children and wards is guaranteed and that the students are advised to go about their normal academic activities without any apprehension, but should be security conscious and quickly report any strange movement to the appropriate organ of the university.”

Our correspondent observed that the security men manning OAU main gates now demand for students’ school identity cards before allowing them to gain entry into the campus.

This was said to be part of the security measures put in place by the management to frustrate the cultists threat of attack.

Nonetheless, some graduates of the university have asked the students to stay vigilant.

They blamed the insufficient campus hostel facilities for the cultism menaces and tasked the management to build more hostels on campus for students.

A statement signed by a former Chief Security Officer of the Great Ife Students’ Union, Adeleke Goddey and a former Speaker, Great Ife Students’ Union Parliament, S. Destiny expressed worry over the spate of cultism that are witnessed outside the university campus.

“We advise the University Management to take all the necessary steps to forestall this planned attack and one of the ways to do this is to unconditionally reinstate the proscribed Students’ Union in order to give the Students a platform to directly participate in the task of securing and advancing the course of the Students.

“Students must organize and come together in peaceful gatherings to work out innovative ideas to forestall the menace of cultism rearing its head all over again on our campus. It is a duty that some of us executed with sleepless nights and its attendant risks. It’s a generational task and we beseech you to play your own part well.

“This brings us to the just implemented accommodation policy that has exposed most of our Students to incessant robberies, rape, attacks, cult-like bullying and all forms of insecurity. Historically, the last set of hostels built on OAU campus [Angola and Mozambique halls] were built during the Ife-Modakeke war. The essence was to ensure that enough accommodation was made available to accommodate Students who were hitherto aboding off campus.

“That the same University is today embarking on a policy that exposes about 70% of its Students to gruesome living conditions, transportation crisis, rent exploitation and unwholesome security breaches walks logic on its head. We reliably gathered from trusted sources that the said policy was hastily implemented to meet the private business needs of some top-shots officers of the University who built and owned most of the private hostels in town.”

Honeywell floors Ecobank in N5.5bn debt dispute

The Honeywell Group, on Friday, emerged victorious in its protracted legal dispute against Ecobank over an allwged N5.5bn debt with a judgement delivered by the Federal High Court, Lagos.

The court held that Honeywell’s payment of N3.5 billion between 2013 and 2014 constitutes the full and final settlement of its indebtedness to Ecobank Nigeria Limited.

Ecobank had demanded a further N5.5bn as full and final settlement of the debt by Honeywell which is controlled by billionaire businessman,  Mr Oba Otudeko.

According to the judgement delivered by Justice Olayinka Faji, a valid agreement was reached at various meetings between representatives of Honeywell and Ecobank on the 22nd of July, 2013 and in line with this agreement, Honeywell made payments to the bank in order to settle its indebtedness.

However same could not be said of Ecobank who rather than keep to the terms of the Agreement, sought to introduce new terms.

The court further held that all through the course of the instalmental payments being made by Honeywell, Ecobank did not at any time raise any objections to the payments.

The amount now being claimed by the bank was not at any time mentioned in the meetings or series of correspondences with Honeywell.

It will be recalled that Anchorage Leisures Ltd, Honeywell Flour Mills Plc. and Siloam Global Limited (all members of the Honeywell Group), in August 2015, instituted a suit before the Federal High Court, Lagos seeking the determination of whether or not the companies are truly indebted to the bank, following the payment of the sum of N3.5 billion as full and final settlement of their obligations to Ecobank, based on a mutual agreement between Honeywell and Ecobank.

Testifying in court during the trial, Honeywell Group’s Head of Treasury and Finance, Oluwakemi Owasanoye, told the court that by an agreement reached at a meeting held on July 22, 2013, the bank agreed to merge the collective indebtedness of Honeywell’s three subsidiaries, which amounted to N3.5 billion.

Owasanoye added that part of the agreement reached with the bank was that N500 million must be paid immediately, while the balance of N3 billion would be paid before the exit of the Central Bank of Nigeria (CBN) examiners from the bank.

According to her testimony, Honeywell complied with the terms of the agreement, and, thereafter, wrote to inform the bank of its compliance and the need for the bank to formally discharge the company of any further obligation.

She stated that the bank in its reply to the letter did not raise any objections.
Honeywell, she said, was, however, surprised when the bank proceeded to demand for further payments in respect of the debt which had been fully liquidated for over a year.

She further stated in her testimony that when the dispute arose, the company referred the matter to the Bankers’ Committee which resolved the matter in favour of Honeywell.

In his testimony, Ecobank witness, Mr Elemi Agbor, Head of Corporate Communications of the bank, while being cross examined by Honeywell’s lawyer, Mr Olabode Olanipekun (SAN), insisted that the agreement for the payment was for a two-term payment only.

He said the agreement stipulates that N500 million must be paid that same day and the balance later. He was, however, unable to substantiate his assertion before the court.


Lateness: Borno governor to punish 11,865 civil servants

Governor Umara Zulum of Borno State, on Friday, recommended punishment to 11,865 civil servants who went to work late when the governor paid an unscheduled visit to the state secretariat.

The governor, who arrived at the Musa Usman Secretariat in company of the Head of Service, Alhaji Muhammed Hassan, also rewarded 135 civil servants for dedication to work.

Zulum said he met only 10 members of staff when he arrived the secretariat at 8.30 a.m., with most offices closed, noting that only 135 other civil servants came to work as at 9.40 a.m.

He directed the Head of Service to compile names of the affected workers, adding that disciplinary actions must be taken against them.

He added: “Yesterday, I received the leadership of the NLC, where we had extensive consultations and they raised their concerns, among which were non-payment of salaries, pension, gratuities to some certain categories of staff that have not been captured by the Biometric verification.

“Some have complaints that they have been captured and they are yet to get their salaries while other complaints were on leave grant as well as annual increments.

“In my wisdom, I decided to visit the secretariat to determine desirability or otherwise of paying the civil servants. But to my dismay, only 135 civil servants were in the office. So, what justification do we have to pay the civil servants?

“I am ready to pay; I am ready to work closely with the civil servants but there is no food for lazy people. We must enshrine discipline in our system. People must come to work and erring officials shall be dealt with, no matter how high placed he or she is.

“I have given directives for the payment of all salary increment, leave grants and annual increment to the 135 staff for their dedication to work.

“This administration will critically examine the request of the civil servants on one hand, but on the other hand, they must also justify the confidence repose on them,” he said.

He said that the government would redesign and strengthen the biometric system to fast-track payment of all workers’ entitlements and benefit.

Umara said that the government was working closely with the NLC to fashion out sustainable solutions toward payment of the N20 billion outstanding pension and gratuity arrears owed in the state.

In his remarks, Mr Bulama Abiso, the state NLC Chairman, lauded the governor for the giant steps he is taking in revitalising the civil service.

“I want to reassure you, Your Excellency, that we are coming out in full force to make sure that civil servants live up to expectation,” Abiso said.

Eid-Fitri: FG declares Tuesday, Wednesday public holiday

The Federal Government has declared Tuesday, June 4 and Wednesday, June 5, as public holidays to mark the Muslim Eid-Fitri Celebration.

The Permanent Secretary, Ministry of Interior, Mrs Georgina Ehuriah, made the declaration on behalf of the Federal Government in a statement signed by Mr Mohammed Manga, Director Press & Public Relations, of the ministry, on Friday in Abuja.

Ehuriah congratulated the Muslim faithful on the successful completion of the Ramadan fast and enjoined all Nigerians to use the occasion of the celebration to pray for the peace, unity, prosperity and stability of the nation.

She admonished Nigerians to shun hate speeches and divisive tendencies and join hands with the administration of President Muhammadu Buhari to build a peaceful, strong and united Nigeria so as to achieve the next level of socio-economic development.

Ehuriah reaffirmed the determination of the Federal Government to protect the lives and property of Nigerians.

She said that security agencies under the Ministry have been directed to provide adequate security before, during and after the Eid-Fitri Celebration.

The Permanent Secretary restated the government’s desire for all Nigerians to be inspired by the virtues gained during the Holy Month of Ramadan to live a life of sacrifice, charity and love for one another.

She wished all Nigerians a happy, peaceful and rewarding Eid-Fitri celebration.


Police arrest armed man at Abiodun’s inauguration

A man identified as Oluwaseun Fakoyejo, 31, has been arrested at the main bowl of the MKO Abiola Stadium, Abeokuta, in connection with plot to disrupt the inauguration of Governor Dapo Abiodun on May 29, 2019.

The Police Public Relations Officer in Ogun State, Abimbola Oyeyemi, in a release, stated the arrest of the suspect followed an intelligence report available to the state Police Command that some hoodlums had planned to position themselves at the stadium, venue of the inauguration purposely to foment trouble.

Abimbola, a Deputy Superintendent of Police (DSP), added shortly after the departure of the Governor and some dignitaries, the Special Anti – Robbery Squad (SARS) operatives at the venue got wind of threats to people with dangerous weapons by the suspect other miscreants and arrested him.

According to the Police spokesman, the operatives succeeded in arresting Oluwaseun while others escaped.

He noted that a local single barrel pistol and four live cartridges were recovered from the suspect.


Photos: Sanwo-Olu arrests one-way Danfo driver on Eko Bridge

Governor Babajide Sanwo-Olu on Thursday arrested a Danfo driver driving through one-way on Eko bridge in Lagos

Ogun Assembly nullifies Amosun’s decisions between Feb 9 and May 28

The Ogun State Assembly on Friday passed a bill nullifying all appointments, employment and financial agreements done by former Governor Ibikunle Amosun between February 9 and May 28.

The passage of the bill entitled, “Nullification of Irregularities  (Amendment) Law, 2019,” at plenary followed the suspension of the Assembly’s standing orders 45-48 to allow for the consecutive second and third readings of the bill.

After the first reading of the bill on the floor of the Assembly by the Deputy Clerk, Mr Deji Adeyemo, and extensive debate by members of the Assembly during its second reading, the  motion for third reading was moved by Olusola Sonuga (APC- Ikenne) and seconded by Olawale Alausa (APC – Ijebu Ode).

Opening debate on the bill, the Deputy Speaker, Olakunle Oluomo, noted that the bill was an amendment to the one earlier passed by the Assembly at the inception Amosun-led government to reverse all irregularities.

Oluomo noted that the last minute appointments, upgrading and employment by the last administration did not follow due process, lacked merit and was lopsided.

He equally submitted that all transactions with any financial institution done by the Amosun administration and not approved by the House of Assembly should not be honoured by the current government.

Other lawmakers who expressed support for Oluomo included Akinpelu Aina, Adebowale Ojuri and Olusola Bankole.

After the third reading of the bill, the Speaker, Suraj Adekunbi, directed that a clean copy of the bill be forwarded to the new governor,  Dapo Abiodun,  for his assent.

The Assembly also passed a resolution urging the state government to immediately dissolve all chairmen and members of statutory boards and parastatals, having been paid their severance allowance by the immediate past administration.

The lawmakers urged all the chairmen to hand over government property in their custody to the most senior director/public servant in their agency for continuous operation of government activities.

The House also suspended all local government councils.

Consequently, it directed all political office holders to hand over to the Head of Local Government Administration in their respective councils and LCDAs.

The assembly enjoined the chairmen and house leaders to appear before the Assembly on June 7  for investigation on allegations of gross misconduct and misappropriation of public fund in petitions earlier submitted against some of them.

The Assembly further unanimously passed another resolution calling for the reversal and review of the upgrading of traditional rulers done within the same period for holistic assessment by the new administration.

The Speaker also announced the appointment of Sonuga as the new Majority Leader of the House.


China introduces new visa policy from June 1

The exit-entry departments of China’s public security authorities will start issuing new versions of visas and residence permits for foreigners from Saturday, the National Immigration Administration (NIA) said on Friday.

“The current versions will no longer be issued on the same day, while the documents already issued are still valid until their dates of expiry,’’ the NIA said.

The new versions of the documents are sticker-like papers designed based on the standards of the DOC9303 machine readable travel documents of the International Civil Aviation Organisation, with application of multiple physical anti-counterfeit technologies.

“Compared to the current versions, the new versions have made adjustments in the documents’ formats, sections and machine readable codes.

“The means and requirements for application, procedures for examination and approval, and the standards, charges and requirements of port examinations will remain the same,’’ the NIA stressed

Oyo takes over motor parks as Makinde bans NURTW

The Oyo government has taken control of all motor parks in the state following a ban on the National Union of Road Transport Workers (NURTW) by Seyi Makinde, the governor.

Bisi Ilaka, chief of staff to the governor, disclosed this while speaking with journalists at the governor’s office in Ibadan, on Friday.

The government’s action followed alleged security breaches and factional clashes of the union members in some areas of Ibadan, the state capital.

Six members of the union were reportedly arrested between Wednesday and Thursday for allegedly causing trouble at motor parks.

“While appreciating the good people Oyo state for their steadfastness overtime and support for this administration, we stand on the need to maintain peace and tranquility in the state in order to engender commercial and human development,” Ilaka said.

“After today’s deliberation with security stakeholders’ meeting, involving security chiefs and the government, we have resolved to proscribe the Nigerian Union of Road Transport Workers (NURTW) until further notice.

“All activities of the union remain illegal henceforth and we urge the people of the state to go about their lawful duties without fear of molestation.

“Parks and garages in the state have been taken over by the Oyo state government with immediate effect.”

Ilaka said the security task force in every community has been charged to take control of the area and maintain peace and order while assuring the residents of adequate protection of their lives and property.

There had been apprehension in the state following the emergence of Makinde as governor, as factional members of the NURTW were threatening to effect a change of leadership once the governor is sworn in.

Lamidi Mukaila, aka Auxillary, who was a former chairman of the union and a supporter of the new administration, had said it was time for new leadership to take over the union.

“They have had their time, it’s our time. I am sure they won’t contest it, “Mukaila had said.

“There is a protocol in NURTW, which we have all been operating with. You assume the leadership of the union when a party you have a relationship with wins.

“Road transport profession is different now. The current chairman knows the rule. During our own time, we abided by it. It is their time; they should abide by the current situation. It is God that crowns and God has spoken.”

Abideen Olajide, popularly known as Ejiogbe, is currently the acting chairman of the union.

Speakership: Gbaja is Buhari’s project — not Tinubu’s, says el-Rufai

Nasir el-Rufai, governor of Kaduna state, says Femi Gbajabiamila, majority leader of the house of representatives, is President Muhammadu Buhari’s choice for the speakership of the lower legislative chamber of the national assembly.

El-Rufai made this known while receiving elected members of the house of reps at government house, Kaduna, on Friday.

The governor said it is a misconception to say Bola Tinubu, a national leader of the All Progressives Congress (APC) is the one paving the way for Gbajabiamila.

The majority leader, who represents Surulere federal constituency of Lagos, is an ally of Tinubu.

“It’s a misconception that Gbajabiamila is Asiwaju’s project. It was President Buhari himself that has always observed Femi in the house,” he said.

“Even before he became president, he read newspapers and watched television and he followed Gbajabiamila, his dedication and contributions on the floor and he said this time around I want Femi.

“I’m sure Asiwaju is happy but this is not his project, he is not the one that zeroed in on him. The president told me himself and when I asked him that I heard this story about Gbajabiamila and he told me his reasons.

“At governor’s forum, people raised voices but I told them that as governors, we sometimes impose, I am not a hypocrite. So I say to them, don’t let us condemn the president for picking people he feels comfortable working with.

“I don’t care who the president wants to work with but in my state, I am very interested. So, I told the president he has to be involved in this project and I said if he allows, me I’ll talk to people and get involved and I demand to get you involved too.”

El-Rufai said having made up his mind to support the president, he discovered his first barrier was Idris Wase, a Plateau rep, who was also interested in being speaker.

“The first obstacle I have to face was that Wase is the biggest threat, so I reached out to him and took him to the president,” he said.

“The president told him he has already decided on Femi and he gave his reasons. Wase replied though he was sure he has a big chance of winning but as his elder and president, the president’s request is done.

“I reached out to my fellow governors and I’m talking to Bago as well and by the grace of God, by 11th there won’t be any contest. We will do our best.

“I have also told my elected colleagues in Kaduna state that this is Buhari’s state, and we will do 100 per cent what he wants.

“We supported Femi in 2015, only one person did not vote for Femi and my members suffered for their party loyalty in 2015 by not getting anything tangible in the house despite some of them being very ranking.

He, however, urged Gbajabiamila and Wase not to be drawn into ethno-religeous controversy, saying, “Please do not allow people to draw you into religion or ethnic controversy”.

MTN pays final N55bn to complete N330bn NCC fine

MTN Nigeria Communications Plc (MTN), has paid the sixth and final instalment of N55 billion to the Nigerian Communications Commission (NCC).

This completes MTN’s payment of the N330 billion negotiated settlement agreed between the NCC and the company in 2016.

According to Tobechukwu Okigbo, MTN’s chief corporate relations officer, the successful resolution of the fine was the outcome of active collaboration between the NCC and MTN.

“We are very pleased to have completed the payment of the N330 billion negotiated settlement with the NCC,” he said.

“We are particularly gratified to be in a position to have fully met the terms of the settlement within the agreed timeframes.

“I would like to thank the NCC for their constructive and collaborative approach to this issue, and believe that we emerge from it with a stronger relationship, focused on ensuring maximum value is delivered to our people, from a strong and growing telecoms sector.”

In October 2015, the regulator slammed MTN a fine of N1.04 trillion following failure to cut off five million unregistered subscribers after a deadline set by NCC, in agreement with major telcos in the country.

The fine was eventually reduced to N330 billion with a condition that MTN will list on the Nigerian Stock Exchange (NSE) — a condition that has now been met by the telco.

In a statement last week, NCC disclosed that MTN had paid N275 billion and had N55 billion to go, with nine days left on the clock.

“Following a negotiated reduction of the N1.04 trillion fine on MTN Nigeria to N330 billion and in line with the staggered payment arrangement, MTN has, so far, paid N275 billion to the Federal Government,” NCC had said.

“What this means, according to the staggered arrangement, is that May 31, 2019 would be the deadline for the telecoms company to pay the sixth and final tranche of the balance of N55 billion.”

As at the time this report was filed, the NCC had not yet acknowledged to the press, the receipt of the final payment.

Sanwo-Olu appoints Tayo Ayinde as chief of staff

Lagos State Governor, Mr. Babajide Sanwo-Olu on Friday announced the appointment of Mr. Tayo Ayinde as his chief of staff and Mr. Gboyega Soyannwo as his deputy chief of staff.

According to a statement signed by Sanwo-Olu’s deputy chief press secretary, Mr. Gboyega Akosile, the appointments take immediate effect.

Part of his statement read, “Ayinde, an alumnus of Havard Business School, Boston, USA and University of Cambridge, United Kingdom is a former security and intelligence personnel.

“He served as chief security detail to the former Governor of Lagos State, Asiwaju Bola Ahmed Tinubu from 1999 to 2007. Ayinde also served as the Director General of the Babajide Sanwo-Olu Independent Campaign Group between 2018 and 2019.

“Soyannwo, a seasoned banker has worked in various management capacity between 2005 to 2009 heading various strategic units.

“Until the present appointment, Soyannwo was Managing Consultant at Cranbrook Financial Consulting Services.”

JUST IN: SEC orders Oando Group CEO Wale Tinubu, other directors to resign

The Securities and Exchange Commission has concluded its investigation of Oando Plc and ordered the Group Chief Executive Officer of the company, Mr. Wale Tinubu, and other affected board members to resign.

SEC, in a statement on Friday, also said it barred Tinubu and the Deputy Group Chief Executive Officer of the company, Mr. Omamofe Boyo, from being directors of public companies for a period of five years.

It also directed the convening of an Extraordinary General Meeting on or before July 1, 2019 to appoint new directors.

According to the Commission, these, among others, are part of measures to address identified violations in the company.

SEC had given Deloitte the go-ahead to carry out a forensic audit  after Dahiru Mangal, a ccused the company of declaring false profits and insider trading.

SEC said, “Following the receipt of two petitions by the Commission in 2017, investigations were conducted into the activities of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges).

“Certain infractions of securities and other relevant laws were observed. The Commission further engaged Deloitte & Touche to conduct a forensic audit of the activities of Oando Plc.

“The general public is hereby notified of the conclusion of the investigations of Oando Plc.

“The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor Board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, among others.”

The Commission also directed the payment of monetary penalties by the company and affected individuals and directors, and refund of improperly disbursed remuneration by the affected Board members to the company.

It said as required under Section 304 of the Investments and Securities Act (ISA) 2007, it would refer all issues with possible criminality to the appropriate criminal prosecuting authorities.

SEC stated that other aspects of the findings would be referred to the Nigerian Stock Exchange, Federal Inland Revenue Service, and the Corporate Affairs Commission.

The apex capital market regulator said, “The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced.

“Therefore, in line with the Federal Government’s resolve to build strong institutions, boards of public companies are enjoined to properly perform their fiduciary duties as required under extant securities laws.”

According to the statement, the Commission maintains its zero tolerance to market infractions, and reiterates its commitment to ensuring the fairness, integrity, efficiency and transparency of the securities market, thereby strengthening investor protection.

Woman transported to hospital with toddler stuck in vagina

A 31-year old woman was admitted to the University of Cincinnati Medical Center yesterday after the 14-month old toddler she was babysitting got stuck in her vaginal cavity.

Latifah Brown called 911 around 9:30 PM last night, reporting that she had a baby stuck in her vagina.

The operator first assumed that she was giving birth at home and dispatched an ambulance to the site.

The paramedics had quite a surprise when they arrived on the site and saw what was actually happening.

One of the paramedics, Brian Whitmore, related the incident in an interview with WBNS-10 TV.

“The little boy wore a diaper and pyjamas, but he had his legs and abdomen stuck in the woman’s vagina.”

The paramedics spent more than an hour on the site trying to release the child from his difficult position but were unable to get the toddler out.

I don’t know how she got the child in there! We were both pulling as strong as we could and he wouldn’t come out,” one said.

Ms. Brown and the child were finally transported to the hospital, where doctors were able to separate them after a delicate operation.

The young boy suffers from a dislocated hip, but doctors don’t think he will suffer any sequelae from the incident.

The paramedic, Ryan Whitmore, says he was shocked when he arrived on the scene and saw the fully dressed toddler caught in the woman’s vagina.

She explained that she was feeling depressed after her doctor told her she could never have children and wanted to know how it felt to give birth.

Ms. Brown now faces a total of 11 criminal charges, including aggravated child neglect causing bodily harm, and could spend up to 65 years in prison.

Her lawyer has asked for a psychiatric evaluation, claiming that she isn’t fit to stand trial.

Depending on the results of the evaluation, her trial could begin in June.

JUST IN: PENGASSAN president is dead

 President, Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Francis Johnson, is dead.

Johnson, it was learnt, died in the wee hours of Friday.

The deceased, who became President of the union in 2014, was said to have passed on after an ailment.

The General Secretary of PENGASSAN , Okugbawa Lumumba, confirmed the development and said members of the union were on their way to pay a condolence visit to the family, adding that a statement would be issued later.

Day after swearing-in, Yobe governor picks third wife

A day after he took the oath of office as executive governor of Yobe State, Mai Mala Buni has tied the knot on Thursday.

The bride, Ummi Adama Gaidam, is the daughter of the immediate-past governor of Yobe State, Ibrahim Gaidam. The bride, who currently studying in Saudi Arabia, is coming as the third wife.

Insiders said it was Mr Buni who sought the hands of Ummi in marriage without initially the knowledge of her father in order to strengthen their political relationship.

It was reliably gathered the lowkey marriage was solemnized at Mr Gaidam’s residence at Sabon Fegi area Damaturu, the state capital.

“The bales of kolanut were presented yesterday, and the wedding Fatiha took place today in the presence of a few family members,” said a family source who preferred anonymity.

Mr Buni, the immediate-past National Secretary of the ruling party, All Progressives Congress, APC, was anointed by Mr Gaidam to succeed him as governor. He was sworn-in on Wednesday by the state Chief Judge, Justice Garba Na Baruma.

Oyo LG chairmen disregard Makinde’s order on dissolution of councils

The Association of Local Governments of Nigeria (ALGON), Oyo State chapter,  has told its members to disregard Governor Seyi Makinde’s directive dissolving the councils.

ALGON Chairman in the state, Ayodeji Abass-Aleshinloye,  said at a news conference in Ibadan on Thursday that the governor’s action was illegal.

Makinde had in a statement by his Chief of Staff, Oyebisi Ilaka, on Wednesday, announced the dissolution of all the councils and Local Development Areas (LCDAs).

Makinde had also directed the 33 local governments and 35 LCDAs chairmen to hand over to their Heads of Local Government Administration (HLA) or the most senior directors.

The governor further placed an embargo on financial transactions on all local and state government accounts until further directives.

Meanwhile, Abass-Aleshinloye said that no council chairman would vacate office as a result of the governor’s order.

“The purported dissolution is illegal, undemocratic, violation of rule of law and contempt of a subsisting court injunction,” he said.

He said an Ibadan High Court, presided over by Justice A. A Aderemi,  had on May 6, granted an injunction restraining the state governor and other government agencies from dissolving the councils and LCDAs.

The ALGON chairman said that the order was given in Suit NO: 1/347/2019, adding “there is also a recent Supreme Court judgment against such act of illegality by governors.

“This purported dissolution was done in flagrant disobedience to a subsisting court order, it is a crude breach of the right of our people to be democratically governed at local government level”.

Abass-Aleshinloye said the governor had no powers to dissolve any democratically elected officer in any arm of government.

“Under no law can a governor summarily dissolve elected local government council or any elected organ of governance created by the constitution,” he said.

He said that ALGON would deploy every democratic, constitutional and peaceful means to correct such illegal act being perpetrated by the governor.

“We urge all duly elected council and LCDA chairmen and councilors to remain calm and peaceful in the face of the provocation and assault on constitutional democracy.

“We call on  the security agencies to be on alert and to provide full security to all chairmen and council secretariats,” he said.